Investors who are interested in opening a Cayman Islands exempted company may also be inquiring about long-term stays in the country.
Residing permanently in the Islands is possible for those individuals who have been residents for eight years or those who apply for the permanent residence as a person of independent means. The latter is a common manner in which investors may choose to stay in the country long-term.
|Temporary residence permit types||
– business staff,
– business visitor,
– person of independent means,
– permanent residence
Time needed to obtain the temporary residence permit (approx.)
|3 months for the temporary residence permit for work purposes|
Temporary residence permit validity
5 years in most cases for those who obtain a residence permit in Cayman Islands for work purposes
|Documents for obtaining temporary residence||
– proof of employment or sufficient means,
– proof of meeting the minimum language requirements,
– medical documents,
– identification documents, etc.
|Mandatory registrations with state authorities (i.e. with the population/municipality register)||
|Dependents can join the temporary permit holder (Yes/No)||
Yes, subject to additional conditions
|Temporary or permanent residency for investment purposes||
Temporary or permanent residence is not awarded specifically for investment purposes, but permanent residence is granted to persons of independent means or retirees (subject to conditions).
|Type of investments available for residency purposes||
|Minimum investment amount||
No minimum investment required, however, for the persons of independent means, an annual permanent resident fee applies, equivalent to the one payable by an employee that engages in the same occupation.
|Minimum temporary residence before applying for permanent residence||8 years|
|Residency for individuals married to a citizen of the country||
The spouse of a Cayman Islands citizen can apply for the right to be a Caymanian.
|Documents for obtaining permanent residence||
– proof of lawful residence for the minimum period,
– favourable assessment according to the points system,
– application filing fee
You need to observe the points system which focuses on nine factors, among which:
– local investments,
– financial stability,
– Cayman Islands history and culture knowledge, etc.
|Citizenship after permanent residence||
As per the rules for British Overseas Territories Citizenship
|Dual citizenship permitted (Yes/No)||Yes|
Below, our agents who specialize in Cayman Islands incorporation answer some of the questions regarding permanent residence and obtaining the permit.
Table of Contents
What are the residence options for investors in the Cayman Islands in 2022?
Private investors or senior executives can obtain permanent residence in the Cayman Islands in one of the following ways:
- Residency for Persons of Independent Means: for investors who wish to reside in the country without working, based on minimum investment and meeting certain financial requirements.
- Permanent Residency for Persons of Independent Means: for those who invest at least two million CI$ in developed real estate.
- Certificate of Direct Investment: for those who invest a certain amount in a licensed business that generates employment and who will occupy a management and control function.
- Residency Certificate for Substantial Business Presence: for those who invest or who occupy a senior management position within an approved category of business.
Applicants who obtain the Permanent Residency for Persons of Independent Means and the Residency Certificate for Substantial Business Presence shall be granted a certificate that is valid for 25 years and can be renewed. Investors should be well aware of the conditions for setting up a company in the Cayman Islands that will comply with the current requirements for being awarded these types of permits.
An alternative to making substantial investments is to obtain a Residency and Employment Rights Certificate, a Residency Certificate for Retirees or a Dependant’s Certificate for Direct Investment. One of our agents can detail these options.
The Department of Immigration is the one that processes the applications for residence and permanent residence certificates.
What is the permanent residence points system?
Applications for permanent residence are submitted under a Permanent Residency Points System, which is provided for in the Immigration (Amendment) Regulations. Individuals receive 15 points (maximum) irrespective of their occupation and they can also be evaluated according to the following: education, training and experience, local investment and financial stability, community integration, history and culture test, close Caymanian connections, age distribution and others (health issues, criminal convictions, etc.).
Applying for a residence permit in the Cayman Islands in 2022 may be subject to travel restrictions. We highly encourage those who wish to apply to reach out to our agents before they start the procedures. We can help with complete information on the current requirements and possible limitations or changes in the procedure. If you cannot be present in the country, our team can help you sort different issues through a power of attorney.
What are an individual’s rights as a Cayman Islands resident?
As a permanent resident in the Cayman Islands, whether this is obtained through an investment, setting up a Cayman Islands company or having acquired the eight years of lawfully living in the country, an individual has the certain rights:
- accept employment from an employer of choice;
- reside with other individuals who are expressly listed as his dependants;
The holder of such a permit may work, however, the Chief Immigration Officer can restrict the right to work. The spouse of a permanent resident in the Cayman Islands is entitled to work based on an individual application for a work permit that is processed separately.
What are the obligations of an individual upon receiving the permanent residence certificate?
A permanent resident in the Cayman Islands is expected to do the following:
- notify the Chief Immigration Officer of any changes in the number of dependants;
- submit the annual statement containing the proof of payment for the annual fee (as per their occupation);
- notify the Chief Immigration Officer of any changes regarding the owned property: the purchase of another property, the sale of the former (within 180 days of the sale);
- notify the Chief Immigration Officer of any changes regarding employment.
The initial application for permanent residence is accompanied by a non-refundable fee and the applicant is also expected to pay an annual fee equivalent to that that would be paid by an individual who was applying got a work permit for the same type of occupation. When the applicant has more than one occupation, the one with the highest fee will be paid.
Individuals who are interested in obtaining a residence permit can reach out to one of our agents for more information. The population statistics in the Islands are the following for 2017:
- total number of individuals in George Town: 32,808;
- individuals in Bodden Town: 13,081;
- population in West Bay: 12,329;
- total male and female individuals living in the Islands in 2017 (the three aforementioned regions plus three others): 63,415.
For some investors, the decision to set up a Cayman Islands company can be the start of their relocation to the country or how they will continue to remain in the Islands for subsequent periods, for business purposes. If this is your goal, our company formation experts can help you open a company. We offer assistance with choosing the type of company as well as making the needed registrations.
Contact us for information about living and investing in the Islands as well as services related to Cayman Islands incorporation.